Think Zox will end in Feb7 Jan 2016 09:37
Company failed to secure the very minimum required to restructure debt of $57.1m.
I think this is a big gamble at the moment. They've no real assets and just some technical know how to start a new venture. Zinc price is again falling, which was their only hope of generating cash to cover overheads. many believe the zinc price will rise and so do I. Just not enough or quickly enough for ZOX.
Key points from the 29th December announcement which make me think this will cease trading in February:
"ZincOx will now be debt-free with net cash of approximately £240,000 and its only other assets will be its proprietary technology "know-how", and industrial land in the USA and Turkey and a profit sharing interest in the Jabali zinc deposit in Yemen, which it ascribed no value due to security issues"
"The board said they will announce their new plans soon, which could include raising cash to build a new business or winding down the business and selling remaining assets and returning cash to shareholders."